Wolfspeed or Plug Power: Which Stock is Poised for Greater Success in 2026?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 21 2025
0mins
Source: NASDAQ.COM
Wolfspeed's Financial Recovery: After emerging from bankruptcy, Wolfspeed has improved its balance sheet by significantly reducing debt and cash interest expenses, but it still faces challenges with manufacturing yields and negative gross margins.
Plug Power's Business Model Shift: Plug Power is transitioning to an end-to-end hydrogen solutions company to address its unsustainable business model, which has led to negative gross margins due to selling hydrogen fuel at a loss.
Future Outlook for Wolfspeed: The company aims to enhance its manufacturing yields and utilization levels, which are critical for resolving its ongoing financial issues and improving profitability.
Speculative Nature of Both Stocks: Both Wolfspeed and Plug Power are considered speculative investments, with Wolfspeed viewed as having a cleaner story and better potential for outperforming in 2026 compared to Plug Power, which has a history of overpromising.
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Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PLUG is 2.46 USD with a low forecast of 0.75 USD and a high forecast of 7.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.340
Low
0.75
Averages
2.46
High
7.00
Current: 2.340
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in offering end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals. The Company develops commercially viable hydrogen and fuel cell product solutions. It provides electrolyzers that allow customers, such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations, to generate hydrogen on-site. It focuses on industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites and environmental benefits; stationary power systems that supports critical operations, such as data centers, microgrids and generation facilities, in either a backup power or continuous power role and replace batteries, diesel generators or the grid for telecommunication logistics, transportation, and utility customers; and production of hydrogen.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Plug Power Adjourns Special Stockholder Meeting to Increase Vote Participation
- Voting Status: As of the Special Meeting date, Proposals 1 and 2 received approximately 92.63% and 89.09% support respectively, yet only about 36.93% and 46.86% of shares were represented, indicating insufficient shareholder participation that could hinder proposal approval.
- Approval Requirements: The company estimates that an additional 13.07% of shares are needed to support Proposal 1 and an additional 3.14% for Proposal 2; if Proposal 2 fails, the company will proceed with a reverse stock split to increase its authorized common stock.
- CEO's Call for Participation: CEO Andy Marsh noted that if just over half of the shares currently voted against Proposal 2 had instead voted in favor, it would have passed, highlighting the importance of shareholder feedback and encouraging reconsideration of votes.
- Importance of Voting: The company urges all eligible shareholders to vote promptly to ensure their views are represented, emphasizing that every vote is crucial, particularly for those who previously voted 'no' or abstained to reconsider their choices.
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Plug Power Faces Short-Term Financial Risks Amid Long-Term Hydrogen Potential
- Key Shareholder Vote: A crucial shareholder vote for Plug Power will determine the company's strategic direction, potentially impacting its competitiveness in the hydrogen market, especially given its current financial risks.
- Improving Execution: The management is enhancing execution capabilities, and if effectively implemented, this could help reduce financial losses and boost investor confidence, leading to a potential stock price recovery.
- Loss Reduction Efforts: Plug Power is actively working to shrink its short-term losses, and if successful, this will lay the groundwork for future growth and may attract more investor interest.
- Significant Hydrogen Potential: Despite facing short-term challenges, Plug Power's long-term potential in the hydrogen sector remains promising, and if management can effectively navigate current risks, a significant business turnaround could be achieved.
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